Apple's Fee-Free Credit Card Gives You Cash Back Every Day

Jennifer Bailey vice president of Apple Pay at an announcement that it would release its own credit card called Apple Card

The card will be available in the US starting this summer.

Apple today revealed it's launching its own, "better" version of a credit card, called Apple Card.

The Apple Card is built into your Apple Wallet app on the iPhone, and offers a similar experience to Apple Pay, with the extra ability to manage the card right on the iPhone.

Apple Card will not have any annual or late fees, and boasts interest rates that are 'among the lowest in the industry, ' Apple says. For transactions made with this card, users will get 1% of their cash back through Daily Cash. If there's ever a problem, you'll be able to contact Apple Card support via text 24/7. With Apple Card, the Cupertino-based company will also simplify transactions and will use data to make your previous transactions easier to read and understand. Purchases are automatically totaled and organized by color-coded categories such as Food and Drinks, Shopping and Entertainment.

For places that don't yet accept Apple Pay, Apple is providing a physical credit card.

Apple says Apple Card will have no late fees, no worldwide fees, and no missed payment penalties.

Apple Inc. CEO Tim Cook speaks during a company product launch event
Apple Inc. CEO Tim Cook speaks during a company product launch event

What's more, Apple Card will include a tool to help users pay less interest by making their options more transparent.

Every purchase is verified with either Touch or Face ID, and all details of the card are stored on a secure area of your iPhone. With no card number, CVV security code, expiration date or signature on the card, Apple Card is more secure than any other physical credit card. "All this information is easily accessible in Wallet to use in apps and on websites", Apple explains. It's not just Apple Pay anymore, now there's Apple Card. Apple has partnered with Goldman Sachs and MasterCard, with Goldman the issuer and MasterCard the payments network. He added that customers will likely get more cash back and without having to use Apple Pay regularly with a card like the Citi Double Cash, which offers 2 percent cash back on all purchases.

A higher reward of 3 percent cash back will go to customers who use Apple Card on the firm's services, be it purchases at the Apple Store or the App Store.

USA customers can now sign up for the latest news about Apple Card on apple.com/apple-card. For more, check out every Apple TV show and series announced so far.

Meanwhile, the company is working on a games subscription service for its App Store that will focus on iPhones and iPads and bundle together paid games from different developers, Bloomberg reported, citing people with knowledge of the plans. The titanium card will have the user's name, and the Apple logo laser etched on it and that's it.

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